JOINT PRESS RELEASE
Number: SP 64/OJK/DKPU/IV/2026
Number: 28/BEI.SPR/04-2026
Number: PR-005/KSEI/SKE/0426
OJK, IDX, AND KSEI COMPLETE FOUR AGENDA ITEMS
FOR INDONESIA CAPITAL MARKET TRANSPARENCY REFORM
Jakarta, 2 April 2026. Indonesia Financial Services Authority (OJK), together with PT Indonesia Stock Exchange (IDX) and PT Indonesian Central Securities Depository (KSEI), has completed four agenda items to strengthen transparency in Indonesia’s capital market, which are also part of proposals submitted to Global Index Providers, including MSCI.
This achievement was conveyed by the OJK Chief Executive of Capital Market, Derivatives Financial, and Carbon Exchange Supervision, Hasan Fawzi, during the Socialization of Indonesia Capital Market Transparency Reform Achievements held at the IDX Building on Thursday (2/4), attended by OJK officials, the Board of Directors of IDX, and the Board of Directors of KSEI.
Hasan stated that the four agenda items are part of the 8 Action Plans for Accelerating the Integrity Reform of Indonesia’s Capital Market, launched by OJK together with Self-Regulatory Organizations (SROs) on 1 February 2026.
The four agenda items include:
- Public disclosure of share ownership data of listed companies above 1 percent;
- Implementation of High Shareholding Concentration (HSC) announcements;
- Strengthening the granularity of investor classification in KSEI share ownership data, to a total of 39 classifications and investor types; and
- Increasing the minimum free float threshold to 15 percent through amendments to IDX Regulation No. I-A.
In addition, transparency has also been strengthened through regulations concerning the availability of Beneficial Ownership data of shareholders of listed companies with ownership of 10 percent or more.
“Thus, the four proposals submitted by Indonesia to Global Index Providers have been fully completed and finalized in accordance with the targeted timeline. Going forward, we will continue constructive communication and engagement with Global Index Providers, as well as collect feedback from investors,” Hasan explained.
Furthermore, Hasan stated that the policies implemented by OJK together with SROs in completing these four proposals are aligned with standards/practices across various global jurisdictions. In some aspects, Indonesia is even, in several aspects, more advanced in terms of transparency and information granularity, including the availability of share ownership data above 1 percent.
The completion of these four transparency enhancement proposals is expected to promote healthier liquidity and improve price discovery quality in the domestic stock market. Ultimately, this is expected to help maintain investor confidence and enhance the credibility and attractiveness of Indonesia’s capital market globally.
Implementation of the Four Transparency Reform Proposals
As part of accelerating the integrity reform of Indonesia’s capital market, IDX has amended Exchange Regulation No. I-A covering strengthened free float policies and corporate governance, which became effective as of March 31, 2026. These changes include adjustments to the definition of free float shares, increasing the minimum free float threshold to 15 percent, and more comprehensive regulations regarding classification and provisions of free float shares, particularly in the IPO process.
On the same occasion, Acting President Director of IDX, Jeffrey Hendrik, emphasized that the enhancement of free float requirements is also part of efforts to align with best practices of international exchanges.
“While maintaining the 5 percent ownership threshold in line with global standards, this policy is expected to enhance liquidity and investment attractiveness in Indonesia’s capital market, both for domestic and global investors,” said Jeffrey.
IDX also promotes stronger corporate governance through increased financial reporting obligations and capacity building for the Board of Directors, Board of Commissioners, and Audit Committee. In line with this policy implementation, IDX has prepared stages of socialization and assistance for all stakeholders since the enactment of the amendment to Regulation No. I-A, through roadshows, public exposes, capacity building, as well as hot desks and continuous assistance to support listed companies in complying with free float requirements and improving capital market quality sustainably.
The implementation of the enhanced free float provisions is stipulated in Exchange Regulation No. I-A concerning Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies, issued on March 31, 2026. A transition period is also provided for listed companies to comply with the free float requirements.
In addition, IDX issued amendments to the Board of Directors Decree regarding Monthly Reports on Share Ownership Registration Activities (LBRE Decree) on April 1, 2026. This amendment strengthens disclosure obligations by listed companies, including details of share ownership above 5 percent, affiliations of controlling shareholders below 5 percent, share ownership of directors and commissioners, and beneficial ownership reporting for shareholders with ownership of 10 percent or more.
The information disclosed includes Single Investor Identification (SID), shareholder name and address, number of shares held, and status as controlling shareholder or affiliate. Beneficial ownership information of 10 percent or more is not publicly disclosed and is only available to authorized parties upon request to the Exchange, subject to applicable procedures.
Meanwhile, for shareholders above 5 percent, all information is publicly disclosed except SID data, which remains confidential. This decree becomes effective on 1 May 2026, for the LBRE report period ending 30 April 2026.
As part of its transparency reform efforts, Indonesia’s capital market adopts global best practices implemented by Hong Kong Exchanges and Clearing (HKEX). HSC refers to public announcements regarding share ownership concentration in listed companies held by a small number of shareholders. Information on stocks indicated with HSC will be available on the IDX website under the keyword “High Shareholding Concentration.” President Director of KSEI, Samsul Hidayat, stated that HSC announcements aim to enhance transparency and investor protection.
Furthermore, IDX and KSEI have integrated enhanced data granularity with investor classification and types. This step positions Indonesia’s capital market on par with global exchanges in implementing more comprehensive transparency and strengthening investor confidence.
“KSEI distributes share ownership information based on investor classification and type, which can be accessed through the IDX website announcements page,” said Samsul.
The report includes a total of 39 investor classifications and types included in the report, aligned with global index provider requirements, using scripless share ownership data.
Update on Action Plan Implementation and Law Enforcement Strengthening
On the same occasion, Hasan also stated that OJK continues to push the implementation of other Action Plans, particularly initiatives to deepen the capital market from both supply and demand sides.
From the supply side, the development of investment products such as Gold Exchange-Traded Funds (Gold ETF) has been strengthened through the issuance of POJK No. 2 of 2026 regarding Mutual Funds in the form of Collective Investment Contracts traded on the stock exchange with underlying assets in gold. The instrument is currently in the implementation stage with relevant stakeholders.
From the demand side, OJK together with industry players is developing the PINTAR Mutual Fund program or Systematic Investment Plan (SIP), aimed at expanding the retail investor base sustainably.
“All these initiatives will continue to be closely monitored through coordination and collaboration to ensure consistent and integrated implementation of the 8 Action Plans,” said Hasan.
In addition, strengthening law enforcement remains a key focus of OJK in improving the integrity of the domestic capital market. As of March 31, 2026 (year-to-date), OJK has imposed administrative sanctions in the form of fines totaling IDR 96.33 billion on 233 parties, including fines for violations and delays. Other sanctions include written warnings, license suspension, license revocation, certain actions, and written orders/prohibitions.
Regarding enforcement of criminal provisions in the capital market related to market manipulation, in 2026 (ytd as of March 31), OJK has imposed administrative fines totaling IDR 29.30 billion on 11 parties and written warnings on 1 individual. OJK has also issued written warnings to 2 individuals for conducting investment advisory activities without a license.
“These firm and consistent enforcement measures are an important part of strengthening market credibility, while ensuring discipline and investor confidence in Indonesia’s capital market,” Hasan concluded.
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For further information:
Head of Surveillance and Integrated Financial Services Sector Policy Departmen of OJK – Agus Firmansyah. Telp. (021) 29600000; Email: humas@ojk.go.id
Corporate Secretary of IDX – Kautsar Primadi Nurahmad. Call Center: 150515 (National); WhatsApp: +62-811-81-150515; Email: contactcenter@idx.co.id
Acting Head of Corporate Secretary and Corporate Communication Division, KSEI – Hesti Setyo Rini. Telp. (021) 52991033; Email: kp@ksei.co.id